Taxify growth adds more competition, fueling conflict with Uber in Mexico

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This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

The ride-hailing service founded in Estonia has achieved a valuation of $1 billion thanks to the collection of companies such as Daimler and Didi Chuxing.

“As we continue to expand, we will need to raise more capital, but we have not decided whether that would be through an IPO [initial public offering] or an increase in private funds,” said CEO and co-founder Markus Villig, who added in a statement, the importance of having investors like Daimler and Didi.

For Daimler, the investment has added to other bets by technology and mobility platforms such as Car2Go, and carpooling services such as Turo, and Via. In addition, its partnership with BMW includes charging solutions for electric vehicles, as well as parking.

In the case of Didi Chuxing, the collaboration between the two companies is not something new but it highlights the value of their strategic alliance. The Chinese transport service decided to focus its bets on Taxify, which has become an Uber competitor in Europe. However, the interest for both platforms in Latin America, specifically Mexico, was the starting point of a union that increased the presence of Taxify in the country while Didi began his trial period in the city of Toluca.

Europe and Africa appear to be the strengths of the investment, but the valuation of Taxify may be related to the company’s next steps in Mexico and a possible move to get more customers.

However, the collection comes at a key moment for Taxify within its competence with Uber. The two ride-hailing services could start a war to conquer the Mexican market although the truth is that the conflict has already begun in London.

Both Uber and Taxify had to face the decision of Transports of London to withdraw all transport applications from the market due to the lack of a regulatory framework and security measures. The two companies have appealed the decision and are waiting to see how the problem is solved.

Taxify is negotiating with regulators in the UK and expects to restart operations. Uber, on the other hand, is carrying out the same strategy and the economic empowerment of Estonia could be another stone in the shoe for the American.

Having support to face the regulators is the way to increase the operations of other companies such as MyTaxi or Lyft. “Unity is strength” is one of the mottos of these platforms to be able to continue with a business model that allows them to grow and position themselves as transportation solutions in different cities around the world. Taxify is fortunate to have a great ally, Didi Chuxing, the Chinese who managed to reach an agreement with Uber in the Asian giant and that has entered strongly into the Mexican market. In this way, the company that has just become unicorn could take the lead and rekindle its conflict with Uber, which will have as its first chapter the operation of these companies in London.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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Simon Baker is the Founder and Executive Chairman of Online Marketplaces and Property Portal Watch. Involved with property portals for 15 years, he’s a well-recognized expert and industry consultant.
As former CEO/MD of the REA Group for 8 years, Simon led the group to its current market-leading position. When he joined REA Group in 2001, it had $4m in revenues, $6m in losses and an $8m market cap.
By 2008, the company presided over $155m in revenues, $35m in EBITDA and enjoyed a peak market cap of $1b. Simon is currently Chairman of the Mitula Group and Real Estate Investar and a serial portal founder and, investor.